Sierra Summit Advisors LLC Makes New Investment in PTC Therapeutics, Inc. $PTCT

Sierra Summit Advisors LLC acquired a new position in shares of PTC Therapeutics, Inc. (NASDAQ:PTCT) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 8,213 shares of the biopharmaceutical company’s stock, valued at approximately $624,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of PTC Therapeutics by 6.2% during the fourth quarter. Vanguard Group Inc. now owns 8,803,203 shares of the biopharmaceutical company’s stock worth $668,691,000 after purchasing an additional 514,204 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of PTC Therapeutics by 4.8% during the third quarter. Wellington Management Group LLP now owns 4,918,619 shares of the biopharmaceutical company’s stock worth $301,856,000 after purchasing an additional 224,481 shares in the last quarter. State Street Corp lifted its position in shares of PTC Therapeutics by 22.1% during the second quarter. State Street Corp now owns 2,996,454 shares of the biopharmaceutical company’s stock worth $146,347,000 after purchasing an additional 541,558 shares in the last quarter. Jefferies Financial Group Inc. acquired a new position in shares of PTC Therapeutics during the third quarter worth $97,252,000. Finally, UBS Group AG lifted its position in shares of PTC Therapeutics by 113.3% during the fourth quarter. UBS Group AG now owns 964,658 shares of the biopharmaceutical company’s stock worth $73,275,000 after purchasing an additional 512,449 shares in the last quarter.

Insider Activity

In other PTC Therapeutics news, EVP Lee Scott Golden sold 829 shares of the company’s stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $67.99, for a total transaction of $56,363.71. Following the sale, the executive vice president owned 79,115 shares in the company, valued at $5,379,028.85. This represents a 1.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, VP Mark Elliott Boulding sold 2,812 shares of the company’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $72.18, for a total value of $202,970.16. Following the sale, the vice president owned 105,212 shares in the company, valued at $7,594,202.16. The trade was a 2.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 115,022 shares of company stock valued at $7,925,979 over the last three months. Company insiders own 5.50% of the company’s stock.

PTC Therapeutics Price Performance

PTCT opened at $69.79 on Friday. The stock has a market capitalization of $5.79 billion, a PE ratio of -29.95, a P/E/G ratio of 13.24 and a beta of 0.53. The firm’s fifty day moving average price is $68.93 and its 200 day moving average price is $72.43. PTC Therapeutics, Inc. has a 12-month low of $43.17 and a 12-month high of $87.50.

PTC Therapeutics (NASDAQ:PTCT) last posted its quarterly earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.45) by $0.42. The firm had revenue of $272.55 million for the quarter, compared to analysts’ expectations of $217.42 million. PTC Therapeutics had a negative net margin of 22.58% and a negative return on equity of 362.45%. The firm’s quarterly revenue was up 43.5% on a year-over-year basis. During the same period in the prior year, the company posted $10.04 earnings per share. On average, equities research analysts forecast that PTC Therapeutics, Inc. will post 0.19 earnings per share for the current fiscal year.

Analyst Ratings Changes

PTCT has been the topic of a number of recent research reports. Truist Financial raised shares of PTC Therapeutics to a “strong-buy” rating in a research report on Wednesday, March 25th. Barclays reissued an “overweight” rating and set a $120.00 target price on shares of PTC Therapeutics in a research report on Monday, February 23rd. Morgan Stanley reissued an “overweight” rating and set a $94.00 target price on shares of PTC Therapeutics in a research report on Friday, May 8th. Weiss Ratings cut PTC Therapeutics from a “hold (c-)” rating to a “sell (d)” rating in a research note on Monday, May 11th. Finally, Wall Street Zen cut PTC Therapeutics from a “buy” rating to a “hold” rating in a research note on Saturday, February 21st. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $88.36.

PTC Therapeutics Company Profile

PTC Therapeutics, Inc is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule and biologic therapies for the treatment of rare genetic disorders. Since its founding in 1998, PTC has dedicated its efforts to addressing high unmet medical needs by targeting underlying genetic causes of disease. The company’s research platform emphasizes mechanisms such as nonsense suppression and RNA modulation, enabling the development of novel treatments for conditions with limited therapeutic options.

Among PTC’s approved products is Translarna (ataluren), a first-in-class therapy designed to treat nonsense mutation Duchenne muscular dystrophy in select markets.